On average, it takes 42 days to fill a vacant position. This is due, in part, to skill shortages in various industries. Nearly 73% of employers admit they are struggling to find the talent they need. As the market becomes more competitive, those statistics could get worse unless the proper methodologies are used. In many cases, data analytics serves as the key to greater success.
Software and analytics tools are widely available, giving companies the ability to embrace data-driven approaches for improving their hiring process. Here’s a look at how analytics can lead to meaningful change in the world of recruiting and hiring.
Efficient Talent Sourcing
Today, companies have a multitude of options at their disposal that can help them source candidates. Company career pages, job boards, and social media are all mechanisms that allow organizations to potentially connect with job seekers.
However, not all platforms deliver the same results as others. When you aren’t aware of which methods are drawing in highly skilled applicants, you may be wasting time on platforms that aren’t giving you results.
By tracking which portals attracted your strongest matches, you can analyze the data to determine which platforms are working and which aren’t. This allows you to focus your efforts on those sources, eliminating recruitment efforts that aren’t producing the desired result.
Job Ad Improvements
You can use data to test the effectiveness of various job ads. If you have an open position, you can post multiple versions of the vacancy announcement on select platforms. Then, you can analyze which candidates applied to each one, giving you insight into the effectiveness of each ad and an opportunity to optimize your future posts to broaden appeal or increase diversity.
Even small language changes can have an impact on response rates. Similarly, how you speak about what the company has to offer a job seeker – such as the available benefits package – as well as the number of must-have skills you list can influence a candidate’s decision to apply.
By comparing your results across several post designs for the same role, you can determine which approaches are leading to the highest-quality applicants. Then, you can use those lessons going forward, applying similar concepts to new vacancy announcements.
Top candidates are typically only on the market for 10 days before they are hired. Based on that fact, a slow hiring process can be detrimental when you need to secure a highly-skilled professional for a vacancy.
With data analytics, you can take a deep dive into your hiring process, allowing you to reduce the time to hire. For example, you can review the average number of days between an application being submitted and a strong candidate being contacted. This gives you a chance to identify delays or bottlenecks that are hurting your results.
You can also review the total number of interviews being conducted, the number of rejected offers, and candidate experience metrics to look for issues. If a number of strong contenders are abandoning your hiring process at similar points, this indicates the candidate experience is lacking at that juncture. Similarly, if first-choice applicants are rejecting job offers, you can review feedback to see why they declined, empowering you to make the appropriate changes to keep them enticed and increase the acceptance rate by identifying patterns in the input.
Ultimately, data analytics is an incredibly powerful tool that can help you achieve greater recruitment and hiring results. If you want to harness the power of analytics to improve your hiring process, the skilled professionals at Cloutera can help. Contact us to learn more about our data analytics and reporting services today and see how our comprehensive solutions can benefit you.